I am the beneficiary of my father's bank account. He passed away two weeks ago. I turned in the proper forms to get the money out and close the account, but they stated I had to wait 45 days before I can get it. Why?
Three possibilities come to mind. Although you didn't say the account was a CD, there could be a delay if that's the type of account involved. The bank isn't required to pay out a CD early when an owner dies.
The second possibility is state law. In some states, the transfer of an account designated to be paid on death of the depositor can be delayed for a statutory period during which certain state tax matters can be finalized.
The third reason could be that the bank's procedures call for a delay of up to 45 days during which your request and the documents accompanying it can be reviewed. While banks should make sure that all is in order before releasing funds to an account beneficiary, it seems reasonable that a few days is all that such a review would take. When a bank's actions aren't well-explained, contact the bank's customer service department or a branch manager and ask for an explanation.
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Three possibilities come to mind. Although you didn't say the account was a 